Peapack-Gladstone Financial Corporation $PGC Shares Sold by Renaissance Technologies LLC

Renaissance Technologies LLC trimmed its position in shares of Peapack-Gladstone Financial Corporation (NASDAQ:PGC) by 56.7% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 13,294 shares of the financial services provider’s stock after selling 17,422 shares during the quarter. Renaissance Technologies LLC owned approximately 0.08% of Peapack-Gladstone Financial worth $468,000 as of its most recent SEC filing.

Several other large investors have also recently made changes to their positions in the company. Wellington Management Group LLP grew its position in Peapack-Gladstone Financial by 67.0% during the third quarter. Wellington Management Group LLP now owns 1,138,723 shares of the financial services provider’s stock valued at $31,429,000 after buying an additional 456,828 shares during the period. Dimensional Fund Advisors LP raised its position in shares of Peapack-Gladstone Financial by 1.4% in the first quarter. Dimensional Fund Advisors LP now owns 1,035,091 shares of the financial services provider’s stock worth $36,445,000 after acquiring an additional 14,582 shares during the period. Vanguard Group Inc. boosted its stake in shares of Peapack-Gladstone Financial by 3.0% during the 3rd quarter. Vanguard Group Inc. now owns 974,523 shares of the financial services provider’s stock worth $26,897,000 after acquiring an additional 28,489 shares in the last quarter. State Street Corp boosted its stake in shares of Peapack-Gladstone Financial by 6.2% during the 4th quarter. State Street Corp now owns 549,447 shares of the financial services provider’s stock worth $15,302,000 after acquiring an additional 31,917 shares in the last quarter. Finally, Geode Capital Management LLC grew its position in shares of Peapack-Gladstone Financial by 1.2% during the 4th quarter. Geode Capital Management LLC now owns 452,521 shares of the financial services provider’s stock valued at $12,605,000 after acquiring an additional 5,260 shares during the period. 72.75% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In related news, EVP John P. Babcock sold 5,000 shares of the business’s stock in a transaction that occurred on Monday, June 29th. The stock was sold at an average price of $47.11, for a total transaction of $235,550.00. Following the completion of the sale, the executive vice president directly owned 45,582 shares in the company, valued at approximately $2,147,368.02. The trade was a 9.88% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Lisa Chalkan sold 1,100 shares of the stock in a transaction on Monday, June 29th. The shares were sold at an average price of $47.60, for a total value of $52,360.00. Following the completion of the transaction, the executive vice president directly owned 26,075 shares of the company’s stock, valued at approximately $1,241,170. This represents a 4.05% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 8,100 shares of company stock worth $377,170 over the last quarter. 5.75% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on PGC shares. Piper Sandler lifted their price target on Peapack-Gladstone Financial from $54.00 to $58.00 and gave the company an “overweight” rating in a research note on Wednesday, July 29th. Wall Street Zen downgraded Peapack-Gladstone Financial from a “buy” rating to a “hold” rating in a research report on Sunday, July 26th. Zacks Research lowered Peapack-Gladstone Financial from a “strong-buy” rating to a “hold” rating in a report on Wednesday, July 29th. Keefe, Bruyette & Woods restated a “moderate buy” rating and issued a $56.00 price objective (up from $55.00) on shares of Peapack-Gladstone Financial in a research report on Monday, August 3rd. Finally, Raymond James Financial upped their target price on Peapack-Gladstone Financial from $49.00 to $55.00 and gave the stock a “strong-buy” rating in a research note on Wednesday, July 1st. One research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and one has issued a Hold rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Buy” and a consensus target price of $56.33.

Peapack-Gladstone Financial Stock Up 0.1%

PGC stock opened at $46.71 on Tuesday. The stock has a market capitalization of $828.17 million, a P/E ratio of 16.22 and a beta of 0.71. The firm has a 50-day simple moving average of $46.23 and a 200-day simple moving average of $40.59. Peapack-Gladstone Financial Corporation has a 52 week low of $24.71 and a 52 week high of $49.14.

Peapack-Gladstone Financial (NASDAQ:PGC) last issued its quarterly earnings results on Monday, July 27th. The financial services provider reported $0.85 earnings per share for the quarter, missing analysts’ consensus estimates of $0.88 by ($0.03). Peapack-Gladstone Financial had a net margin of 11.09% and a return on equity of 7.82%. The company had revenue of $86.05 million during the quarter, compared to analysts’ expectations of $85.17 million. On average, analysts expect that Peapack-Gladstone Financial Corporation will post 3.58 earnings per share for the current year.

Peapack-Gladstone Financial Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, August 27th. Shareholders of record on Thursday, August 13th will be issued a dividend of $0.05 per share. The ex-dividend date of this dividend is Thursday, August 13th. This represents a $0.20 dividend on an annualized basis and a dividend yield of 0.4%. Peapack-Gladstone Financial’s dividend payout ratio is presently 6.94%.

Peapack-Gladstone Financial Company Profile

Peapack-Gladstone Financial Corporation is the parent company of Peapack-Gladstone Bank, a New Jersey-chartered commercial bank headquartered in Bedminster, New Jersey, that trades on the NASDAQ under the symbol PGC. Through Peapack-Gladstone Bank, the company offers a broad range of deposit and lending solutions, including checking and savings accounts, residential and commercial real estate loans, lines of credit and treasury management services. Clients benefit from both in-branch relationship banking and an expanding suite of digital banking tools designed to support personal and business financial needs.

Complementing its core banking operations, Peapack-Gladstone Financial provides wealth management, trust and financial planning services through its subsidiary, Peapack-Gladstone Wealth Management.